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Pro Tip: Timestamps below are clickable. Click on the time below in the brackets and the audio will start playing at that part of the show.

Here’s what you should and shouldn’t be doing with your 401k. Based on the recent poll we did, you guys wanted to know about 401k as a retirement plan so here are the eye opening facts from our research.

Welcome!

[4:35] Things to always be mindful of● Don’t withdraw 401k early mainly to avoid penalties● The value of your money now will considerably grow in the next 20-30 years from now● It can be disastrous to use your 401k money to payoff loans

[9:01] What you should do with your 401k account● Decide wisely on how much your contribution amount should be● Check your available investment options

[13:25] What to expect on 401k fees and taxes● All contributions toward your 401k are pre-taxed● Withdrawals made during retirement age will be taxed

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As promised to be included in this series on retirement, here are facts that you need to know about Traditional and Roth IRA, as the two most popular types of IRAs. Check this episode and learn more about your journey to financial freedom.

Damion Lupo is the author of many books but we are going to talk mostly about his book called The QRP book today. Damion has actually appeared on the show before, where he has talked about how he went from being a multi-millionaire to being broke and building his net worth back up again.

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